London based meat and poultry wholesaler Nigel Fredericks has ceased trading, after falling into administration last week.
Administrators to the meat and poultry specialist had sought a buyer, but despite some interest no agreement was reached.
The company, based in Colindale, supplied the catering, hotel, leisure and education sectors. Its 250 staff have been made redundant.
Lisa Moxon and Ben Barrett of Dow Schofield Watts were appointed as joint administrators. Moxon said: “Conditions in the meat and poultry industry have been difficult and Nigel Fredericks Trading Limited has come under pressure from a range of different factors. The new directors and their loyal staff have worked incredibly hard to turn around the business, improving quality and service and introducing significant personal investment, but despite their best efforts, it failed to achieve the turnover required to ensure its viability.
“We have been working with the board to review options for the business including finding a new buyer, but while there were a number of interested parties, none was willing to take it forward. It is with regret that we have had to announce the closure of this long-established business, however the directors would like to thank staff, customers and suppliers for all their support.”
Administrator Dow Schofield Watts Business Recovery said the business had invested heavily in new equipment in recent years but subsequently faced cash-flow problems as rising costs, increased finance lease demands and a reduction in credit insurance took a toll.
Nigel Fredericks had previously fallen into administration in September 2018, but was acquired by independent shareholders and directors.